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PenFed Platinum Rewards devalued
Old 08-16-2013, 08:49 PM   #1
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PenFed Platinum Rewards devalued

Bummer:


$50 Visa Prepaid Card = 6100 points
$100 Visa Prepaid Card = 12000 points
$250 Visa Prepaid Card = 29600 points
The same rate applied to Amazon certificates.


instead of $50 for 5000 points etc.



After the end of the year it's no longer 5 points on gas, 3 on food, and 1 point elsewhere, but 3/2/1.


Not to be disloyal to a great credit union, but I've been enjoying Fidelity's 2% cash back deposited automatically to a Fidelity account. Much like the PenFed statement credit of old.
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Old 08-16-2013, 08:53 PM   #2
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Quote:
Originally Posted by calmloki View Post
Bummer:


$50 Visa Prepaid Card = 6100 points
$100 Visa Prepaid Card = 12000 points
$250 Visa Prepaid Card = 29600 points
The same rate applied to Amazon certificates.


instead of $50 for 5000 points etc.
Is this effective immediately, ie no chance to cash in existing points under the old plan?

-gauss
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Old 08-16-2013, 09:09 PM   #3
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Originally Posted by gauss View Post
Is this effective immediately, ie no chance to cash in existing points under the old plan?

-gauss
Yup. turned 3000 points into a $25 Amazon card tonight.
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Old 08-16-2013, 09:34 PM   #4
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Ah, the typical slimy practice of unannounced point "inflation." Was expecting it, but not quite this fast, this basically devalues the points by about 20%. I'll use mine to get a $50 amazon card for 5900 points, that is a bit better.

This card is getting awful close to the point where I would just convert it to the 5% gas card and shelve it otherwise, I have a priceline 2% on everything card that can be put to the credit balance directly, and even has higher % rewards if I buy something through priceline.
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Old 08-16-2013, 10:55 PM   #5
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This card is getting awful close to the point where I would just convert it to the 5% gas card and shelve it otherwise, I have a priceline 2% on everything card that can be put to the credit balance directly, and even has higher % rewards if I buy something through priceline.
Is that card still available? It looks like it went away, at least as far as new cards being issued.
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Old 08-17-2013, 01:03 AM   #6
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Well, darn!

This is the only card we use and we only use it for gas. I just redeemed points for a $50 Visa card last month. It takes us a long time to accumulate points.
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Old 08-17-2013, 02:17 AM   #7
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Great info! However, I just (5 minutes ago) ordered a $100 Prepaid Visa Reward card for 10,000 Platinum Rewards points to zero out my account, so it seems like something strange is happening if the OP has to pay 12,000 points for $100. The Amazon gift card indeed was 3,000 points for $50.
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Old 08-17-2013, 02:20 AM   #8
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Are you sure? Do you have a link?

I just cashed out all of my points for prepaid Visa cards. I was able to do this for 10,000 points for a $100 and 25,000 points for $250. It also listed 5,000 points for $50. I've been meaning to cash these out anyways, so I figured now's a good time in case the points are devalued.
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Old 08-17-2013, 02:34 AM   #9
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Amazon.com Gift Card $25
Item #: GAMAZON25
3,000 points
More Amazon >>

image from the reward center

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Old 08-17-2013, 02:51 AM   #10
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Here's what I get for prepaid Visa.

PenFed Prepaid VisaŽ Reward Card $50

Item #: ECPFV50

5,000 points
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Old 08-17-2013, 04:36 AM   #11
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I recommend taking a look at the Sallie Mae credit card that Barclay offers. 5% back on gas, groceries, and bookstore purchases (which includes almost everything at Amazon, not just books!).

I see a couple of Gift Cards at the PenFed redemption site that look like they're on sale. I may get my account up to 4800 points and take 2 of the Jiffy Lube $25 cards. Then the PenFed card will go into storage.
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Old 08-17-2013, 04:43 AM   #12
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I usually get Walmart gift cards from Penfed and spend them on groceries. Just checked and a $100 gift card is 11,800 points today.
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Old 08-17-2013, 07:03 AM   #13
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PENFED link as of 20 seconds ago: https://www.penfedplatinumrewards.co...OD0W-N6Q5-GDXT

Looks like no change to me (for VISA Cash Cards). Drilling down the non-VISA cards have changed but I can buy them at the grocery store with the VISA Cash card.
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Old 08-17-2013, 07:35 AM   #14
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Quote:
Originally Posted by Pajaro View Post
Great info! However, I just (5 minutes ago) ordered a $100 Prepaid Visa Reward card for 10,000 Platinum Rewards points to zero out my account, so it seems like something strange is happening if the OP has to pay 12,000 points for $100. The Amazon gift card indeed was 3,000 points for $50.
Thank You! Thank You!

Just cashed in 70,000 points for $700 worth of Visa Rewards cards. I hope the order is not cancelled by PenFed!

It might be time for me to return to Chase for the majority of my credit card purchases. I like the real-time posting information that they provide.

-gauss
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Old 08-17-2013, 08:10 AM   #15
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I just cashed in 10,000 points for a $100 gift card.

There are an additional 20,000 points in my account from the fraud activity and the fraud investigator re-adding and deleting transactions while cleaning things up. We'll see how long those stay on!
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Old 08-17-2013, 08:26 AM   #16
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Thanks for bringing this up while the Visa Rewards cards are still available at par value.

Just cashed in 75000 points for $750 of Visa Rewards cards. Usually I order restaurant and retail store gift cards which now cost 18% more.

Also, applied for the Sallie Mae card online. Surprised I was not immediately accepted online. My credit rating is very good.
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Old 08-17-2013, 09:02 AM   #17
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Fidelity has been offering 2% cash back with its American Express card for years. And there is no annual fee. Unless you spend significant amounts of money in the tiered categories (gas, supermarket, etc), I can't imagine any of these cards being better than a flat 2% cash back. I know other cards offer 2%, but they often have an annual fee. As far as I know, Fidelity is the only fee-free 2% card on the market.
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Old 08-17-2013, 09:02 AM   #18
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Glad many of you are cashing in points at the superior older redemption rate. I wonder if the difference in redemption rate has to do with when a particular card was first ordered?
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Old 08-17-2013, 11:37 AM   #19
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Glad many of you are cashing in points at the superior older redemption rate. I wonder if the difference in redemption rate has to do with when a particular card was first ordered?
I suspect it has to do with other products one has there. Such as direct deposits, CD's, mortgage etc.
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Old 08-17-2013, 12:13 PM   #20
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I suspect it has to do with other products one has there. Such as direct deposits, CD's, mortgage etc.
Thanks to a good friend giving me the 'heads up' about this thread, I just cashed in 25K points for $250 Visa cash card.

(BTW, I got the latest PenFed Visa Charge card in April 2012 and I had been using this PenFed Visa credit card as my default charge card. I currently have no other PenFed products except for a tiny savings account with a balance of less than $100. )

omni
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